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News
Con Edison Media Relations
Contact: Chris Olert
Telephone: (212) 460-4111
For Immediate Release: March 19, 2001
Con Edison Revises 2000 Earnings Per Share
Consolidated Edison, Inc. [NYSE: ED] announced today (MONDAY, MARCH 19, 2001) that year 2000 net income for common stock has been restated to $582.8 million or $2.75 a share to reflect $32.1 million of Northeast Utilities merger-related expenses. In January 2001 the company announced earnings for 2000 of $601.6 million or $2.84 a share, after reflecting a non-recurring charge of approximately $130 million or $.40 a share relating to the company's nuclear plant, which returned to service in January following installation of new steam generators. Excluding the nuclear and merger-related charges, earnings for 2000 from ongoing operations were $686.1 million or $3.24 a share, compared with earnings of $700.6 million or $3.14 a share for 1999.
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $9 billion in annual revenues and $16 billion in assets. The company provides a wide range of energy-related products and services to its customers through its six subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York State, as well as adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, an infrastructure development company; and Con Edison Communications, a telecommunications infrastructure company.
For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at www.conedison.com.
Consolidated Income Statement Consolidated Edison, Inc.
Year Ended December 31 (Thousands of Dollars) 2000 1999
Operating revenues
Electric $6,938,128 $5,792,673
Gas 1,261,970 1,000,083
Steam 452,135 340,026
Non-utility 779,158 358,541
Total operating revenues 9,431,391 7,491,323
Operating expenses
Purchased power 3,642,850 1,824,023
Fuel 350,816 430,050
Gas purchased for resale 790,905 485,155
Other operations 1,146,598 1,188,623
Maintenance 458,046 437,979
Depreciation and amortization 586,407 526,182
Taxes, other than income taxes 1,121,843 1,179,796
Income taxes 317,790 399,716
Total operating expenses 8,415,255 6,471,524
Operating income 1,016,136 1,019,799
Other income (deductions)
Investment income 8,476 14,842
Allowance for equity funds used during construction 1,299 3,810
Other income less miscellaneous deductions (32,660) (13,571)
Income taxes 10,622 26,891
Total other income (12,263) 31,972
Income before interest charges 1,003,873 1,051,771
Interest on long-term debt 363,994 319,393
Other interest 49,527 20,065
Allowance for borrowed funds used during construction (6,076) (1,895)
Net interest charges 407,445 337,563
Preferred stock dividend requirements 13,593 13,593
Net income for common stock $582,835 $700,615
Basic earnings per common share $2.75 $3.14
Diluted earnings per common share $2.74 $3.13
Average number of shares outstanding (000) 212,186 223,442
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